Econ opportunity cost

Anonymous
timer Asked: Aug 2nd, 2014
account_balance_wallet $5

Question Description

a.       How can the concept of opportunity cost explain why many college-aged movie stars and professional athletes do not go to college?

Tutor Answer

Prashant S
School: University of Maryland

Opportunity cost refers to the idea that an individual undergoes an economic or financial loss by not taking part in an opportunity.

For movie stars and professional atheletes, these individuals can earn income from acting and playing sports. If they chose to go to college, they will forgo that income. Even if they go part time and still work, the idea is that the hours they spend in school could have been spent acting or playing sports. Therefore, by going to college, for any number of hours these individuals forgo income, and will therefore experience an opportunity cost.

flag Report DMCA
Review

Anonymous
awesome work thanks

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors